Companies no longer need a credit rating to issue bonds + sukuk
Companies no longer need a credit rating to issue bonds + sukuk: The Financial Regulatory Authority (FRA) will allow companies to sell bonds and sukuk without first acquiring a credit rating, making it less expensive for firms to raise capital for growth and development, it said in a statement.
Three caveats: The value of debt cannot exceed the value of the company’s net assets; companies must publish a disclosure detailing the nature of the issuance ahead of a sale; and only and only “qualified investors” can buy in through private placements.
Arab Developers Holding could sell subsidiary for USD 18 mn: EGX-listed real estate firm Arab Developers Holding’s board of directors is mulling accepting a USD 18 mn bid from an undisclosed foreign company to acquire 100% of its subsidiary Amer Syria, according to a disclosure to the bourse (pdf).
Ora, Q Holding to build “smart city” in Abu Dhabi: Naguib Sawiris’ Ora Real Estate Development Group is partnering up with Abu Dhabi investment company Q Holding to develop a 20 mn sqm city in Abu Dhabi, according to a joint statement (pdf) yesterday. The city, described by the companies as “smart and sustainable,” will include residential areas, services, hotel establishments, and commercial spaces.
EGPC kicks off first global tender to develop mature oil fields: The Egyptian General Petroleum Corporation (EGPC) launched its first international tender for the development of eight mature oil fields in the Gulf of Suez and Eastern Desert on Thursday, the Oil Ministry said in a statement. Interested parties have until 15 June to submit their bids, according to the bidding procedures (pdf) shared by EGPC.
REMEMBER- The ministry is planning to launch three international oil and gas exploration tenders this year, Minister Tarek El Molla said last month.